Palmer Square Capital BDC (NYSE:PSBD) Stock Gets Price Target Reduction from Royal Bank Of Canada

Palmer Square Capital BDC (NYSE:PSBD) had its price target reduced by Royal Bank Of Canada from $11.00 to $10.00 in a research report sent to investors on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

A number of other analysts have also recently weighed in on PSBD. UBS Group dropped their target price on shares of Palmer Square Capital BDC from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Tuesday, September 1st. Wall Street Zen raised shares of Palmer Square Capital BDC from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Finally, Zacks Research raised shares of Palmer Square Capital BDC from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Five research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.25.

Palmer Square Capital BDC Stock Performance

Shares of NYSE PSBD traded down $0.01 during trading on Thursday, reaching $9.82. The stock had a trading volume of 68,001 shares, compared to its average volume of 122,993. Palmer Square Capital BDC has a one year low of $9.34 and a one year high of $12.45. The stock has a market cap of $296.00 million, a PE ratio of -15.59 and a beta of 0.85. The firm’s 50 day moving average price is $9.93 and its two-hundred day moving average price is $10.43.

Palmer Square Capital BDC (NYSE:PSBD) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. Palmer Square Capital BDC had a positive return on equity of 11.33% and a negative net margin of 18.27%. The business had revenue of $26.57 million for the quarter, compared to analyst estimates of $26.69 million. On average, research analysts expect that Palmer Square Capital BDC will post 1.51 earnings per share for the current year.

Palmer Square Capital BDC Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 13th. Shareholders of record on Monday, December 28th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, December 28th. This represents a $1.44 annualized dividend and a yield of 14.7%. Palmer Square Capital BDC’s payout ratio is presently -228.57%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of PSBD. OV Management LLC acquired a new position in shares of Palmer Square Capital BDC during the second quarter valued at $38,867,000. Rivernorth Capital Management LLC lifted its holdings in Palmer Square Capital BDC by 43.8% in the first quarter. Rivernorth Capital Management LLC now owns 834,603 shares of the company’s stock worth $8,154,000 after purchasing an additional 254,061 shares during the period. Bank of America Corp DE lifted its holdings in Palmer Square Capital BDC by 10.9% in the first quarter. Bank of America Corp DE now owns 576,931 shares of the company’s stock worth $5,637,000 after purchasing an additional 56,547 shares during the period. Opal Wealth Advisors LLC lifted its holdings in Palmer Square Capital BDC by 10.4% in the third quarter. Opal Wealth Advisors LLC now owns 175,728 shares of the company’s stock worth $1,738,000 after purchasing an additional 16,488 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in Palmer Square Capital BDC in the second quarter worth about $1,362,000. Institutional investors own 6.52% of the company’s stock.

Palmer Square Capital BDC Company Profile

Palmer Square Capital BDC, Inc. is a business development company that seeks to generate income and, to a lesser extent, capital appreciation by investing in corporate credit. Its portfolio is focused primarily on senior secured loans and other debt investments, including loans to U.S. middle-market companies. The company is externally managed by Palmer Square Capital Management, an alternative credit investment manager. Its investment approach draws on the manager’s experience in corporate credit and related markets, with an emphasis on evaluating borrowers and structuring investments to manage credit risk.